Against the background of the Ukraine war, the defense electronics manufacturer Hensoldt is significantly expanding the production of special anti-aircraft radars. As the group announced, 30 radars will be produced as an advance service, although no final orders have yet been received. Radars of this type (TRML 4D) are used, for example, in German defense systems in Ukraine to detect approaching Russian drones and guided missiles.
Hensoldt boss Thomas Müller warned analysts not to underestimate Russia's military capacities when the balance sheet figures were presented. The leading Russian tank company Uralvagonzavod is still able to produce around 20 new T-90 main battle tanks a month in shifts.
However, it remains unclear whether the models are fully equipped, especially in terms of electronics and optronics. For comparison: Germany announced the delivery of 14 Leopard 2 A6 main battle tanks to Ukraine at the end of January.
Müller sees the Hensoldt Group with its focus on radars, sensors and digitization as excellently positioned for future armaments orders and future military technology. In fact, the public company's share price has more than doubled since Russia's war of aggression in Ukraine.
The shareholder structure is remarkable: Germany holds 25 percent of the shares, as does the partially state-owned Italian armaments company Leonardo. The dividend of 30 cents per share therefore also benefits the state.
After practically no orders from the 100 billion special budget for the Bundeswehr have been received so far, Müller is now assuming “significantly more speed” with the orders with the change at the top of the German Ministry of Defense and recent talks at the Munich Security Conference.
The official forecast for this year states cautiously that Hensoldt expects “moderate growth in incoming orders and a moderate increase in consolidated sales”. However, the new CFO Christian Ladurner expects a boost in the coming years.
"From the special fund alone, we expect an order volume in the high single-digit billion range over the next four years," he told the Reuters news agency. It could take three to five years for new orders to be reflected in sales, or seven for large projects, he said. According to a medium-term forecast, Hensoldt wants to double its sales every five years.
In the current year, sales rose by 16 percent to EUR 1.7 billion, in line with forecasts, and the order backlog climbed by five percent to a good EUR 5.4 billion. Due to special effects, order intake was down on the previous year at almost two billion euros, but still higher than sales. At Hensoldt, the order books continue to fill up.
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